It is predicted that in a near future the number of devices capable of connecting to the internet will increase significantly; the number of devices connected to this international network is forecasted to be up to 50 billion in 2020. This statistic shows that there is a big capacity for business. As the IDC research institute predicts, the net income from using the internet of things will reach approximately 7.3 trillion dollars in 2017 and 9.8 trillion dollars by 2020 globally.
The advent of the internet dramatically changed the world and due to the large amount of people who welcomed it, technology players thought about using the internet in other parts of people’s lives. For more than a decade now, it is not only humans that interact with one another on the internet, but many smart products have also entered the market and through using the technology of “Internet of things (IOT)” are connected to other such devices as well as humans, in such a manner that it seems like they are talking to you. A refrigerator that talks and when it is running out of foodstuffs, it automatically makes an order from the nearby grocery store; a watch that listens to you, thermostats that learn your personal habits, cars that inform you of their need for a change of a spare part, or a remote controllable iron that alerts you to turn it off when it has been on for a while, are all examples of “the Internet of Things”
Imagine a world in which billions of devices are connected to each other or share information on a public or private protocol network. The concept of IOT is gathering and analyzing information, and using them for planning, management and decision-making.
These devices must be able to be integrated in both the virtual and real world, in any time and any place. In 2010, the number of physical objects and devices connected to the internet was approximately 12.5 billion. Sisco Company has predicted that this figure will reach 50 billion by 2020.
Because the world is comprised of the real, the digital, and the virtual realms, that all converge toward creating smart environments and creation of smarter energy, transportation, cities and many other fields, the goal of the IOT is to allow objects to connect at any time and any place, to any person or any thing that ideally uses any path, service or network. The IOT is the new evolution of the internet.
Vernon Turner, one of the managers at the IDC research institute, thinks of the IOT as a new solution in information and communication technology (ICT) with a high potential for generating revenue. He believes the use of the IOT is very little nowadays and says: “It is like the tip of a giant iceberg, the large part of which is hidden. And we need more time to get people and companies to know this technology and persuade them to use it, but the future definitely belongs to the IOT.”
The huge capacity of the IOT for entrepreneurship
The term “IOT” was first used by Kevin Ashton in 1999. He described a world in which anything, including inanimate objects have their own identity and they allow computers to organize and manage them. This field has progressed greatly in a short period of time. The IDC research institute has announced that this technology has produced 4.8 trillion dollars globally in 2012 for the companies that took it seriously. Considering the growing trend of this technology, researchers at the IDC research institute predict that the revenue from the IOT will be 7.3 trillion dollars by 2017, and will reach 9.8 trillion dollars by 2020, which shows a remarkable growth.
Vernon Turner, a manager at this research institute, considers the IOT to be a new solution in information and communication technology (ICT) with a potential to generate high revenue and says: “It is like the tip of a giant iceberg, the large part of which is hidden. We need more time to get people and companies to know this technology and to persuade them to use it, but the future definitely belongs to the IOT”. Because of the development of smart cities, smart cars and smart houses, improvements in the development of communication infrastructures and the reception that IOT has received from people, this field has a bright future ahead.
The IOT technology has an important role in the entrepreneurs’ world. Many businesses are starting based on this technology. Although this technology is at the beginning of its era and new changes occur every day, using this technology is an invaluable opportunity for entrepreneurs and creative researchers. It also considerably helps to improve the business climate and job creation.